Core Viewpoint - Wuxi Riqi Intelligent Equipment Co., Ltd. is set to undergo an IPO review on January 20, focusing on customized intelligent system solutions in the material automation processing sector, particularly for lithium battery, fine chemicals, and composite materials industries [1] Financial Performance - The company reported significant revenue growth over the years, achieving operating revenues of 619 million yuan, 1.721 billion yuan, 2.173 billion yuan, and 1.189 billion yuan, with corresponding net profits of 95.35 million yuan, 242.44 million yuan, 298.95 million yuan, and 151.08 million yuan [3] - The gross profit margins for the main business were 16.48%, 27.80%, 28.78%, and 27.13% over the reporting periods, with a noted decline attributed to competitive pricing strategies and customer cost-cutting demands [7] Market Position - Riqi Intelligent ranks first in the lithium battery stirring equipment market share among the top five companies in China for 2025, according to the Global Lithium Battery White Paper [5] - The company has a strong customer base, including leading firms like CATL, BYD, and LG New Energy, with the top five customers contributing over 70% of revenue [10] Order Backlog and Future Prospects - As of June 2025, the company had an order backlog of 5.284 billion yuan, with nearly half of the orders coming from overseas markets, primarily in Europe and North America [12] - The company plans to raise 1.008 billion yuan through its IPO to enhance production capacity and strengthen R&D, aiming to overcome development bottlenecks and solidify its market position [14]

Core Viewpoint - The Chinese lithium battery slurry system market is projected to reach approximately 4.7 billion yuan in 2024, reflecting a year-on-year decline of over 15% due to a slowdown in the overall expansion pace of the lithium battery industry. However, the market is expected to exceed 6 billion yuan by 2027, driven by the growth of the new energy vehicle and energy storage markets [3]. Market Size and Forecast - The market size of the lithium battery slurry system in China is estimated to be around 4.7 billion yuan in 2024, with a decline of more than 15% compared to the previous year. The slowdown is attributed to a deceleration in the expansion of the lithium battery industry [3]. - By 2027, the market size is anticipated to surpass 6 billion yuan, supported by the recovery of production capacity in the lithium battery sector, which is expected to exceed 350 GWh [3]. Technology Trends - The slurry equipment sector is characterized by multiple technological routes, with the penetration rate of high-efficiency slurry systems increasing. The dual-planetary mixing system remains the mainstream choice due to its stability and adaptability, although efficiency and energy consumption issues are key areas for optimization [6]. - The circular mixing system is gaining traction among leading lithium battery manufacturers due to its high efficiency and low energy consumption, becoming a critical technology direction for improving slurry efficiency [6]. - The dual-screw mixing system is still in the experimental stage in certain niche applications, requiring further technological iterations to meet commercial demands [6]. Market Share and Competition - The market concentration is increasing, with leading companies accelerating their production, which enhances the competitive barriers for top equipment manufacturers. In 2024, the market share of the leading company, Lichi Intelligent, is expected to exceed 40% [8]. - Shangshui Intelligent has seen its market share rise to third place, leading the circular high-efficiency slurry system segment due to its technological advantages and early market entry [8]. Downstream Application Trends - The core development direction of the lithium battery slurry system is to ensure product quality stability while helping companies reduce costs and increase efficiency. This includes enhancing production efficiency, reducing slurry preparation time, and maintaining the stability of the slurry [10]. - The system supports the stable preparation of high-solid content slurries, which can improve the energy density of electrode sheets and reduce drying energy consumption, contributing to energy optimization [11]. - The push towards automation and intelligent upgrades in slurry systems aims to lower labor costs, improve production yield, and enhance overall system stability and production flexibility [11].